It was when the offers dried up that Shore took matters into his own hands and created a new character: self-deprecating former star. He threw himself into stand-up and began creating starring roles for himself once again with independent films that he wrote, directed and produced.

"You've got two choices," he says. "You can either make a s--tload of money -- not me personally, but someone in the business who's very box office-friendly -- being cast in other people's stuff or do what I'm doing and not make any money but be 100% in control of it and make it exactly how I want it to be."

His latest project is a comedy special, "Vegas is My Oyster," airing on Showtime now. "Oyster" is a throwback to old-time variety shows, and in it, Shore plays the emcee and straight man trying to corral wildcards like Andy Dick and Tom Green during the AVN Awards weekend in Las Vegas.

"It's quite a feat to try and pull off a show with all these people, getting them there, having them show up that night sober and looking good," Shore said. But after contemplating every painstaking detail, down to which scalloped curtain to hang on stage, he's proud of his work. "It's shot well; it's sexy; it's no-holds-barred and edgy. My main goal is to do something entertaining, and we're pushing the envelope on this particular show. I loved having the porno awards be the backdrop."

Shore is no stranger to a fast lifestyle. His comedian father, Sammy, was Elvis Presley's opening act and founded The Comedy Store in Los Angeles. His mother, Mitzi, has been running the club since 1973. From an early age, Shore was around lady-loving, hard-partying legends like Sam Kinison and Richard Pryor. Back in his MTV days, he romped with "Lisa Lisa," and he's been a frequent guest at the Playboy mansion.

"I think I'm living a lot of guys' dreams. For sure," he says.

"But I am a guilt-free person," he continues. "Unlike Tiger Woods or Arnold Schwarzenegger or any of these guys that live the unfaithful, cheating lie, or even women who live that lie, I'm not that person. I was when I was younger, but I chose the wrong girls to date. Now I still choose those girls, but I also know that it's not going anywhere. I don't promise them anything; they don't promise me anything. It's very light. I have enough drama in my own life. Plus, I like having different girlfriends in different places that I travel."

If Shore, 43, were to settle down, he says a Sharon Osbourne type is his ideal.

"At the end of the day, I think, don't quote me on this -- and you can even say don't quote me -- that's probably the type of girl that I would wind up with. She loves him and protects him but also manages him and cares for him. I think if Ozzy didn't have Sharon, he would be dead by now."

Until that love comes along for him, Shore will be on the road.

"Remember that (Life cereal) commercial, 'I know, let's get Mikey to do it!' I'm like the Mikey of comedians," he says. "I go to markets that no one would ever go to. Those are my fans. People always ask me, who are your fans? My fans are people that live in Jackson, Michigan, and also (the) TSA. They love me."